Zee Telefilms beams up on foreign fund interest

DALAL STREET SPIKES

Media major Zee Telefilms was in limelight gaining a huge 16 per cent in intra-day trades on Wednesday. The gains were backed by huge volumes of more than 48.5 lakh shares on BSE alone, with the stock finally ending at Rs 178.05, up 11.07 per cent from its previous close.

Dealing room sources said, there was aggressive buying at this counter in the afternoon trade with more than 15 lakh shares possibly bought by a foreign fund in a block deal at around Rs 178 per share.

More than 20 lakh shares changed hands at the counter in half an hour trade in afternoon, the dealer added.

Sources said, a recent "buy" call by a leading foreign firm also sparked renewed buying at the Zee counter.

Analysts said, the Trai verdict would help Zee provide content from the Sony/ Star bouquets and increase its penetration into urban markets for its Dish TV, resulting in increase in the bottomline.